Ethereum (ETH) Is Ready For The Spike to $200 After Amazon Endorsement But It Is Not Happening

ethereum price chart

The blockchain community is expecting a lot from Ethereum, and the blockchain project seems to be struggling at the moment. The Ethereum network is struggling to scale. This is probably the reason why the largest e-commerce platform in the world is now dipping their toes in the project. Amazon just created a new tool that will enable businesses to create and manage scalable blockchain networks. In a statement, Amazon said that Ethereum is a great fit for highly distributed blockchain network where data transparency for all users is very crucial.

Ethereum (ETH) is the second largest digital currency in the world by market cap. The blockchain project is also most used; it is used to create decentralized applications and smart contracts. More firms are also beginning to adopt and partner with the project. Will all these bullish Ethereum news boost the price of Ethereum?

Ethereum (ETH) Price Prediction

Ethereum (ETH) Price Today – ETH / USD

#NamePrice24H %
2
ethereum
Ethereum(ETH)
$396.72
-0.12%

With the recent bullish Ethereum news, the price of Ethereum (ETH) is expected to head towards the $200 level. Recently Amazon announced billion-dollar endorsement deal. The firm now has an Amazon Managed Blockchain tool that lets businesses create and manage scalable blockchain networks. This is very bullish news for Ethereum, and it is supposed to increase the demand for the digital currency which would, in return, increase the price of Ethereum.

Recently, the price of Ethereum (ETH) surged higher over the $165 level against the USD. The price of Ethereum surged higher and broke over the $180 short-term Ethereum price prediction. Ethereum wasn’t able to sustain gains over the $180 level and it plunged lower. The digital currency plunged lower and broke below the $170 resistance level

Ethereum (ETH) News Today – Ethereum (ETH) Price Analysis

According to the latest Ethereum price analysis on bitcoinist; ETH looks ready to have another go at tackling the $200 resistance and traders are wondering if the current surge the result of positive news or a more technical move.

The recent surge was possibly influenced by the rumor that the CFTC might approve Ethereum futures and Consensus 2019 fast approaches and the coming days and price action will reveal whether the move was a technical or media-driven surge.

ETH is now trading toward $170 – $170 and the move is likely to accompany Bitcoin’s attempt to overtake $6,000. ETH has fairly reliable support at $160 at the 100MA and also at $156 and $145.

Currently, $190 and $200 represent the stiffest overhead resistance. A quick glance at the weekly chart shows if ETH maintains its upward momentum the 12 and 26 EMA could pull of a bullish cross for the first time since March 2017 and the weekly RSI is also approaching bullish territory.

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Carolyn Coley is a blockchain reporter. She joined Smartereum after graduating from UC Berkeley in 2018.

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